Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MARKET CLOSE: NZ shares gain; ANZ, Westpac rise

MARKET CLOSE: NZ shares gain; ANZ, banks shrug off capital requirements

Dec. 23 (BusinessDesk) – New Zealand shares rallied as Australia & New Zealand Banking Group and Westpac Banking Corp shrugged off Australian regulatory requirements to hold more capital and offshore investors saw value in a market that has lagged global peers in recent days.

The NZX 50 Index rose 41.444 points, or 0.9 percent, to 4722.635. Within the index, 33 stocks rose, 11 fell and six were unchanged. Turnover was $93 million.

ANZ Bank rose 1.8 percent to $34.62 on the NZX and Westpac gained 2.1 percent to $34.70. Australia’s banking regulator said that nation’s four largest banks, which include ANZ and Westpac, will need to carry an extra 1 percent of core tier 1 capital from Jan. 1, 2016.

“It hasn’t seen a massive impact on the market,” said Greg Easton, an adviser at Craigs Investment Partners. “It isn’t that severe a regulation to implement.”

A2 Corp led gainers, rising 6.7 percent to 80 cents.

Hallenstein Glasson Holdings rose 4.5 percent to $3.70, leading some retailers higher after Paymark said spending in the first three weeks of December was 6.9 percent up on the same period last year, suggesting retailers may be in for a strong Christmas.

Michael Hill International rose 3.7 percent to $1.41 and Kathmandu rose about 3 percent to $3.48. Warehouse Group slipped 0.5 percent to $3.65.

Among market heavyweights, Fletcher Building rose 1.8 percent to $8.54 and Telecom rose 1.3 percent to $2.34.Auckland International Airport gained 2 percent to $3.55.

“There’s been a few people looking to pick up a bargain,” Easton said. “We’ve lagged the rest of the world.”

Guinness Peat Group fell 1.7 percent to 58.5 cents after saying the UK Pensions Regulator had issued warning notices over two of its pension plans.

Chorus, the network operator, fell 1.4 percent to $1.445 after the Commerce Commission said in its latest benchmarking report that prices for a combined package of broadband and phone services have fallen over the past two years but remain higher than the OECD average, while so-called naked broadband prices are now below OECD peers.

Summerset Group rose 0.6 percent to $3.25 after the retirement village operator named Housing NZ’s chief financial officer named Scott Scoullar as its CFO.

New Zealand Oil & Gas was unchanged at 80 cents after taking an interest in an Indonesian prospect.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news